In a pair of related transactions, self-storage insurance provider Storsmart Insurance Co. acquired competitor Bader Co., and then joined forces with Storable, a supplier of cloud-based access control, management software, marketing, payment processing, website development and other services to the self-storage industry. In June, self-storage suppliers SiteLink, SpareFoot and storEDGE, which were already operating as a united business, announced they were rebranding under the Storable name. Now, Storsmart President Mike Rhoads will lead Storable’s combined insurance division, with Bader CEO Darrell Gambero retiring, according to a press release.
As a result of the addition, insurance features will be built into SiteLink and storEDGE branded products. Storable will also explore “deeper technology and business integration in the future,” the release stated. “Our goal is to create an all-in-one platform for self-storage operators,” said company CEO Chuck Gordon. “Adding the compelling insurance products of Storsmart and Bader to our offering takes us two major steps closer to achieving that vision for our customers.”
“The simple truth is, the storage industry is in the midst of a technology revolution,” Rhoads added. “Upon meeting Chuck and his team, we quickly realized we shared a similar customer-focused company culture. After several interactions, we knew this was the right move for our company, employees and client partners.”
Bader and Storsmart offer both commercial and tenant insurance. Based in Indianapolis, Bader has served the industry for about 38 years. York, Pa.-based Storsmart offers its policies exclusively through insurance company Property First Group LP, according to its website.
“This news represents an important step for Storable as they continue on their journey to become the destination for comprehensive technology and service to the self-storage industry,” said Andrew Balson, managing partner of private equity firm Cove Hill Partners, which backs the Storable venture. “It is our intention to continue to invest in Storable for the long term to unlock new value for storage operators both now and into the future.”
Boston-based Cove Hill was founded in 2017 by a team of private-equity investors focused on partnering with management teams to build consumer and technology companies. It manages an inaugural fund of more than $1 billion.